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USD/CHF remains in ranges, above 0.9700

FXStreet (Córdoba) - USD/CHF printed a fresh daily high after Wall Street opening bell at 0.9760 and continued to recover after bottoming last week at 0.9645.

On Friday after the NFP report dropped sharply but it failed to consolidate below 0.9700, it was rejected from those levels and moved to the upside, back to the trading range that continues to prevail. It is still below the level it had before the NFP report but it was able to hold key levels.

USD/CHF holds despite Fed and risk aversion

Despite last month turmoil in financial markets, USD/CHF remains near the highs of August and holding above 0.9700. The upside remains capped by 0.9800.

“The Swiss franc has a long history as a safe haven currency. Strong Swiss budget and current account surpluses are bolstered by strong and credible legal and government positions. However, the CHF did not perform well as a safe haven currency this summer. This suggests that the SNB’s very accommodative monetary policy which includes threats to intervene in the FX market have had some success in chasing away would-be buyers”, wrote analysts from Rabobank.

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